Ferro Reports 2010 Third-Quarter Results

* Net sales grow to $529 million, a 20 percent increase from the 2009 third quarter * Strong cash flow from operations of $89 million, including recovery of $56 million in precious metal collateral * Full-year 2010 sales and adjusted EBITDA outlook increased Ferro Corporation announced on Oct 25, 2010 net sales of $529 million for the three months ended September 30, 2010, an increase of 20 percent from net sales of $442 million in the third quarter of 2009. “Our excellent third-quarter results, net of pre-tax charges, show the sustainable benefits we have created through our improved cost structure”In the 2010 third quarter, the Company’s operating results included net pre-tax charges of $42.7 million.

The charges included a loss on extinguishment of debt of $19.3 million, restructuring and impairment charges of $9.6 million and other charges of $13.8 million primarily related to debt refinancing activities, manufacturing rationalization actions and employee severance. Including the charges, the loss from continuing operations for the 2010 third quarter was $2.4 million, or $0.04 per diluted share, compared with income from operations of $2.8 million, or $0.04 per diluted share, in the third quarter of 2009. In the third quarter of 2009, the operating results included net pre-tax charges of $14.1 million primarily related to impairment of goodwill, manufacturing rationalization and other cost reduction actions.

“Our excellent third-quarter results, net of pre-tax charges, show the sustainable benefits we have created through our improved cost structure,” said Chairman, President and Chief Executive Officer James F. Kirsch. “We have delivered on our commitment to transform Ferro into a strong, efficient competitor that is ready to build on our leading product positions. We are consistently delivering sales growth, strong operating cash flow and improving margins while continuing to invest in the completion of our manufacturing rationalization initiatives.”

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600450 Ferro Reports 2010 Third-Quarter Results glassonweb.com

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